The Federal Reserve Discount Mechanism
分析了1979年美联储操作程序改革和1980年《存款机构放松管制与货币控制法》对贴现机制的影响，适合研究货币政策与银行体系的学者参考。
Two recent developments have significantly altered the financial environment of this nation's depository institutions. On October 6, 1979, the Federal Open Market Committee (FOMC) initiated a change in its operating procedures to place primary emphasis on the control of bank reserves. The new procedure permits greater fluctuations in the federal funds rate, as the System provides the requisite reserves to achieve monetary-policy objectives. On March 31, 1980, President Carter signed the Depository Institutions Deregulation and Monetary Control Act of 1980. This law requires all depository institutions to maintain reserves against transaction accounts or nonpersonal time deposits at Federal Reserve Banks and provides that any depository institution that holds these accounts is entitled to the same discount and borrowing privileges as member banks.